The Hungarian-American speculator picked up $16.9 million worth of Nokia shares to open his position in the company.

• George Soros warns of European recession
• Nokia shares plunge on profit warning rumours
• Nokia and Yahoo! challenge Google and Apple

George Soros, the Hungarian-American currency speculator, stock investor, businessman, philanthropist, and political activist, has found a new object to bet his money on; mobile phone giant Nokia.

The Finnish mobile device company was one of a handful of new positions opened by Soros Fund Management in the last quarter, website The Street said.

Nokia is the world's top mobile phone maker and a key player on the highly competitive market. But its share price has fallen by more a third in the past year amid investor concern about the market leader's struggles to keep up with rivals in the high-end smartphone segment.

However, the Hungarian-American speculator apparently think the situation will be favorable; the group picked up $16.9 million worth of Nokia shares to open its position in the company.

The Street also pointed out that the tumbling Euro actually would pan out well for the Finnish firm. Because Nokia's Euro-denominated business is so big worldwide, the company should recognize material currency conversion gains, it said.

The price of shares in Nokia fell to the lowest level since March 2009 on Wednesday amid market rumours that the company might issue a profit warning.

Shares in Nokia peaked at an all-time high of 54.85 euros in the midst of the telecom bubble in March 2000.

George Soros became known as "the Man Who Broke the Bank of England" after he made a reported $1 billion during the 1992 Black Wednesday UK currency crisis.